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Orbit ventures into the private rented sector

Friday, 07 November 2014

Orbit Homes is starting to deliver its first homes for private rent, as it secures the site of a former brewery in Norwich to develop over 400 apartments.

Orbit Homes has acquired land in Norwich city centre with pre-approved planning permission for 437 apartments – 150 of which will be available for private rent. This is a first for Orbit, which already offers a selection of tenures including affordable rent, shared ownership and market sale.

Paul Tennant, Chief Executive of Orbit Group, said: “This is a new step for us, but it is certainly one we must take. With the current housing market impacting the tenure requirements of our customers, housing providers need to be smarter and develop their customer offer to meet the needs of the market.

“The introduction of our market sale programme to fund the delivery of more new homes has seen huge success, and contributed to us achieving our largest surplus to-date in 2013-14 – PRS (private rented sector) is the natural next step for us.”

As part of the organisation’s vision, Orbit aims to deliver 12,000 homes by 2020. This development, which is penned for completion in 2019, will contribute to that target.

Work is due to begin in 2015 on the land which is located between Kings Road and the river, where the Norwich Brewery previously stood until it was demolished in 1999.